Perpetual reaffirms profit guidance

Fund manager
Perpetual
has reaffirmed its first half 2010 profit guidance and says net profit after tax will be between $40 million and $50 million.

The fund manager also said on Wednesday that it was seeing improved client investor confidence, a net positive impact of regulatory reviews, and would continue to invest in its sales capability and service offering.

The company announced it would continue to pursue acquisitions of high net worth advice practices, chief executive
David Deverall
said in business strategy presentation, released on Wednesday.

If achieved, the first half 2010 net profit would be more than triple Perpetual’s first half 2009 net profit of $14.2 million.

Perpetual’s forecast assumes underlying profit for the December 2009 quarter will be in line with the September quarter.

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If equity markets continue to around current levels, underlying profit after tax for the first half 2010 is expected to be between $30 million and $40 million, Mr Deverall said in the presentation.

Underlying profit for the first half 2009 was $41.6 million. Perpetual also is expecting to pay shareholders a first half dividend of at least 60 cents per share, in line with the second half 2009 dividend and 20 cents higher than the first half 2009 dividend.

Perpetual first announced its first half 2010 profit guidance on October 22.